The UK Halifax House Price Index beat expectations with a strong 0.7% MoM (vs 0.2% MoM forecasted) increase to start the year after a weak December move of -0.2% MoM.

• Despite the high monthly rate, the annual rate eased from 3.4% YoY to 3.0% YoY. However, the quarterly rate of 1.6% QoQ was the highest since March 2024.
• Average property price of £299,138 is a new record high.
• Halifax: "Affordability is still a challenge for many would-be buyers, but the market's resilience is noteworthy. There’s strong demand for new mortgages and growth in lending.”